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 Welcome to Commercial Real Estate Michigan, your resource for commercial real estate in Michigan and Metro Detroit.

Whether you’re looking to lease or purchase office, industrial or retail space in Michigan, James Iodice can help you find the best rates. Meet James Iodice
 


Are your lease rates too high? You could be paying more than market price for your office space. For a detailed evaluation of your current lease and lease rates, email James Iodice. I have successfully negotiated leases, sales and lease renewals, saving clients tens of thousands of dollars. Best of all, the landlord or owner pays my fee.

 

Reduce YOUR lease payments today. Learn More
 

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Salon Ownership - What are the Costs?

retail space oakland county michigan iodiceLet’s take a look at a business with approximately 1,500 square feet, 3-5 cutting stations, 1-2 wash stations, and support services

The Metro Detroit area is providing some good deals for retail space in this market. Landlords are making aggressive deals and they will require a little more from start up companies with no tenancy record than from those that have leased space before.

Retail spaces are leased on an “as is” basis. That means that the tenant is required to build out the space to their needs. The Landlord only provides the “four outer walls”. All the interior finishes need to be completed. These costs generally average about $27 dollars per square foot to complete. That would calculate to total for build out costs of $40,500.00

Furnishing your space is next. This is where it is important to have your plan and  to understand your market. Successful hair cut shops utilize more Spartan chairs and stations. These would run from about $5,500 – $9,500.00. Cutting and wash stations suitable for a Salon business will run from $9,500 and up.

Stock and Sale Products. The average salon carries supplies of $7,000 to $8,000 in stock. This is both for use on the client and that are sold through the store. These costs can vary if you brand your salon.

Do not forget the business basics. You will need all the necessary office supply products, forms, machines. Business signage on your building can run $3,000 - $10,000, depending on size and style. Many Salons also have a washer and dryer.

Marketing, marketing, marketing!! You will need to get the word out about your new business. There is of course a whole industry devoted to marketing, and the sky is the limit on how much you spend to get your name out.

Here is an example of a high profile opportunity in Troy.   

Referrals from other commercial agents and brokers, continued customer referrals and consulting contracts are evidence of my expertise and knowledge of this market. My business is relationship driven, and primarily comes by referral.

I am happy to assist you and your company in any way. Please feel free to contact me with any of your questions, at no obligation to you. I look forward to working with you to get you the best deal on commercial properties. My number is 248-225-7180 or email me. Thank you for visiting my website.

Time is Money!

Stop wasting time and losing money. Don’t make...

Big Mistake #4 - No Representation.

You will find nothing more frustrating and unproductive than driving around aimlessly, calling every sign you see. This is also a sure-fire way to end up paying more for your lease. There are more signs up in front of properties than in the past 10 years. Without a clear understanding of which properties have the right space for your needs, you will spend countless hours driving around making cold calls and hoping for a callback. If you do get a callback, what questions do you ask for your specific need? How will the answers compare to your business model and the market?

Big Mistake # 3 - Trying to manage the project yourself with multiple brokers.

Just getting the information (see Big Mistake #4) is hard enough. Herding cats would be easier than trying to coordinate the necessary contact with multiple agents. You need timely feedback and updates. You need consistent information organized to each property. Commercial property tours are set by appointment, with multiple people at each site. Trying to manage multiple agents results in disorganization, inaccurate information, and time wasted. It is important that you have one point of contact to act as your voice, to filter out unnecessary sales pitches and eliminate useless information & options that are not a fit for your business model.

Big Mistake # 2 - Lack of trust and confidence in your agent.

You need to be comfortable with the broker representing you. It is imperative that he fully understands your requirements as well as any limitations, concerns or specifics of your business that impact your property choice. Without that information, your agent will not be able to command the best deal from landlords and owners. Sudden negotiating changes will diminish your position and creates an opportunity for lost time and money. With trust in your broker, these changes will not occur, and you will get the best deal on your commercial property transaction.

Big Mistake # 1 - Looking for commercial real estate with inadequate representation. You need James Iodice.

To gain the best deal, especially in a down market, you need representation. It is critical that your broker have a complete understanding of the market, and not just the properties the broker represents. Your broker should know and understand the property owners and landlords, and fellow agents and brokers.

Most importantly, if they do not have the expertise for your requirements, they should disclose that to you and work to get you the support you need.

Referrals from other commercial agents and brokers, continued customer referrals and consulting contracts are evidence of my expertise and knowledge of this market. My business is relationship driven, and primarily comes by referral.

I am happy to assist you and your company in any way. Please feel free to contact me with any of your questions, at no obligation to you. I look forward to working with you to get you the best deal on commercial properties. My number is 248-225-7180 or email me. Thank you for visiting my website.

 

Business is on the move!business expansion

Commercial real estate in Michigan is moving! This is a great tenants market and excellent time for business. I have had friends and associates relay to me they have never seen so many real estate signs around. There is no doubt that inventory is up, but not all types of space is readily available. The good deals are going away, because business is getting done, being done, and growing!

There is movement, expansion, start up, all kinds of action market wide. In the coming weeks, I am going to highlight some of the growth, expansion, grand openings, and ribbon cuttings going on in and around our surrounding communities.

Have a market success story? Let me know about it I would love to relay how business is running here in our market.

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  Email: Jamie@JamesIodice.com    Ph: 248.225.7180